U.S. stocks closed nearly flat after fluctuating most of the session on Wednesday as upbeat economic data failed to motivate investors.
Stocks rose in morning trading after the July new home sales beat expectations by surging 9.6 percent. It is the fourth straight month increase, indicating the housing market may be recovering from its historic downturn.
Meanwhile, the U.S. Commerce Department reported a 4.9 percent jump in durable goods orders in July, the biggest increase in two years.
However, upbeat data did not get investors into buying. The market sentiment grew more cautious recently as investors question over the rally without clear evidence of a recovery.
Decline in material and energy shares also weighed on the market following a sharp drop in commodities prices. Crude oil fell for a second day below 72 U.S. dollars on New York Mercantile Exchange.
The Dow Jones added 4.23 to 9,543.52. Broader indexes also went higher. The Standard & Poor's 500 index edged up 0.12 to 1,028.12 and the Nasdaq inched up 0.20 to 2,024.43. (PNA/Xinhua)
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